GSR Leads Libeara Deal to Broaden Tokenization Services
- GSR backed Libeara to add compliant tokenization tools to its wider RWA strategy.
- Libeara has originated more than $1 billion in on-chain assets since its 2023 launch.
- The deal extends GSR’s lifecycle model from launch planning to market liquidity.
GSR has made a lead investment in Libeara, the tokenization platform backed by Standard Chartered’s SC Ventures, according to details shared with The Block. The deal expands GSR’s tokenization strategy as it builds a broader digital asset and real-world asset capital markets business. It also follows GSR’s acquisitions of Autonomous and Architech, which strengthened its token advisory and lifecycle management services.
Joshua Riezman, GSR’s chief legal and strategy officer, stated the firm had built much of the token stack already. “What we didn’t have was the actual tokenization capability—the ‘press the button’ and ‘tokenize platform,’” he said. Instead of acquiring that capability, GSR chose to partner with Libeara, which he said has already shown success.
The partnership links two expanding strategies. Libeara supports Standard Chartered’s crypto prime brokerage plans, while GSR wants to grow into what a representative described as an RWA investment bank.
GSR Adds Tokenization Infrastructure to Its Expanding Stack
Standard Chartered’s SC Ventures launched Libeara in 2023 to provide regulated tokenization infrastructure. Since then, the startup has supported the origination of more than $1 billion in on-chain assets. That includes Asia’s first tokenized retail money market fund for ChinaAMC.
Libeara also reached the finals of the Monetary Authority of Singapore’s Global Retail CBDC Challenge. It has since secured a Capital Markets Services license from the Monetary Authority of Singapore. Those milestones give the platform a stronger regulatory base for compliant tokenization activity.
GSR did not disclose deal terms. Still, a source familiar with the investment told The Block that the partnership could expand over time. Riezman called the arrangement unusual because GSR led an investment in a project incubated by Standard Chartered. “Normally, things are the other way,” he said.
From Advisory to an End-to-End RWA Offering
GSR’s recent acquisitions of Autonomous and Architech helped it extend beyond market making. The firm now offers services across strategic planning, launch operations, treasury infrastructure, foundation support, and post-launch liquidity management. With Libeara, GSR adds regulated tokenization infrastructure to that lineup.
Riezman told The Block that the partnership moves GSR closer to becoming a full-service global digital asset and RWA capital markets partner. Frank Chaparro described that model as “an investment bank for web3.” Riezman added that the goal is to effectively tokenize anything in a compliant way outside of the U.S.”
He also said GSR has received recent approaches tied to movie studios, real estate, receivables, funds, and farmland, though a GSR representative later said farmland remains particularly difficult to tokenize. At the same time, Libeara will support GSR’s tokenization efforts outside the United States, while GSR can still work with firms inside the country.
Related: NYSE Tokenization Strategy Sparks Debate Over Missing Details
Demand Still Lags, but Firms Keep Building
Riezman said investor demand for RWAs remains limited, even as many projects want to raise funds on-chain. “What’s obviously still missing is the demand,” he said. Yet he added that demand was unlikely to arrive before firms built the right bridges and capabilities.
Could stronger infrastructure unlock broader demand for tokenized real-world assets? Riezman suggested stablecoin growth could help create that demand because on-chain capital will need places to invest. He also said Libeara offers a “reg-driven channel for compliant on-chain tokenization,” which GSR sees as important for long-term expansion.
GSR is not alone in that effort. Anchorage Digital has invested in token lifecycle management and wealth management operations, while Galaxy has also built a similar range of tokenization services. Riezman said more vertical integration may follow. He pointed to GSR’s trading and A market-making network is an advantage, especially as issuers seek partners who can also support secondary market liquidity.
